Reply #57: 12:29 EST numbers, blather and the buck

[UpInArms]

Dow 10,818.55 -8.57 (-0.08%)
Nasdaq 2,155.12 -5.50 (-0.25%)
S&P 500 1,208.31 -1.82 (-0.15%)
10-Yr Bond 4.298 +0.80 (+1.90%)

NYSE Volume 441,175,000
Nasdaq Volume 822,656,000

12:00PM: Strong follow through from last week's rally resulted in a higher open for the indices, on the heels of solid retail data and lower oil prices, but some midday profit taking has left most stocks under pressure midday and turned market internals negative... Early buying interest was spurred by projected holiday sales growth of 4.5% from the National Retail Federation and a more than 4.0% sell off in crude oil futures ($42.05/bbl -$2.13) due to more mild winter weather in the Northeast...

But gains in excess of 1.0% for every major indice last week, with the Dow and the S&P touching 3 1/2 year highs, has left open a window of opportunity for many to lock in gains before the end of the year... Meanwhile, there has been no economic data or earnings reports for invetors to digest, which has resulted in choppy trading on lighter than usual market activity... Sectors under the most pressure remain homebuilding (-1.3%) and energy (-1.2%)... Technology has seen selling interest across the board, with disk drive (-1.5%) and semiconductor (-0.9%) losing the most ground... Also showing weakness have been financial, transportation, utility and biotech...

Airline, retail, consumer staples and health care, however, continue to hold onto modest gains... Continued weakness in the dollar, which has touched a new record low against the euro (1.3625), has also added pressure to bonds... Every major treasury continues to trade near their lowest levels of the session, with the benchmark 10-year note currently off 20 ticks to yield 4.29%...

Last trade 80.65 Change -0.57 (-0.70%)

Settle 81.22 Settle Time 23:32

Open 81.28 Previous Close 81.22

High 81.37 Low 80.60

Last tick: 2004-12-27 11:57:12 ET
30-min delayed quote.